My quest to become a (somewhat) quiet millionaire hinges on our household’s ability to increase our net worth by 13.1675% annually for the next five years.
It’s definitely possible.
Here’s how:
-Maxing out my 401(k) contributions at work with a 6% return on investment while maximizing the company match
-My wife putting 18% of her work compensation in a pension at a 6% return on investment
-Maxing out both of our Roth IRAs with a 6% return on investment
-Adding $1,000 to our Acorns account with a 6% return on investment
-Investing very selectively in real estate and commodities
-The value of our home appreciating by 1.5% annually
-Freezing our standard of living at current levels and cutting our spending at every turn
-Holding on to our 10-year-old cars for another 10 years
-Taking advantage of every tax break possible, including housing allowances and dependent care FSAs
-NEVER trying to keep up with the Joneses
That’s it! Ten simple steps to join the millionaire club! One final note: almost all my investments are simple index funds. Keep it simple.
The Frugal Fight 